Dutch company buys 5pc of Williams

Dutch company buys 5pc of Williams

By Motorsport.com/GMM

A Dutch investment company on Wednesday became a significant shareholder of the famous F1 team Williams.

Cyrte, a subsidiary of the financial services provider Delta Lloyd Group, bought 5 per cent of the British outfit as it was partly floated on the Frankfurt stock exchange.

Patrick Head (Williams F1) and Adam Parr (Wiliams F1) on the GP2 grid
Patrick Head (Williams F1) and Adam Parr (Wiliams F1) on the GP2 grid

"I think it's all gone well," Williams chairman Adam Parr told the Telegraph, despite the shedding of several per cent of the value of the floated shares in the opening day of trading.

Reports said the 5 per cent decline shed close to $10 million off the value of the Oxfordshire based team.

"We are pleased to have listed today, despite the challenging stock market conditions globally," Parr also said, according to The Times.

Cyrte, headed by John de Mol, has previously owned shares of the Dutch sports car maker Spyker and English football club Manchester United.

The company confirmed its Williams investment in a statement.

"We have not entered into contract yet with Cyrte but when I met with them they outlined how they would like to develop the relationship," said Parr.

He confirmed to the Financial Times that 20 per cent of the team is now held by "really good institutions".

Parr also said he thinks Ferrari and McLaren will eventually reconsider their current decisions not to float shares.480684/

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About this article
Series Formula 1
Drivers Patrick Head , Adam Parr
Teams Ferrari , McLaren , Williams
Tags cyrte, investment, williams f1